A feed on follow.it is what you can follow to in order to get updates from a publisher. Both publishers can set up feeds (on the feed set-up page), or you as reader can do it, e.g. on the follow.it homepage, or via the bookmarklet tool.
Despite containing the word “feed” it is not to be confused with RSS feeds (read What is RSS?). A follow.it feed requires a valid underlying RSS feed, however it is not the same, but offers many more options for followers (and publishers!).
That said, the follow page for a feed on follow.it can also serve as an RSS feed. For example, if you want to follow a publisher in your RSS reader, you can copy the publisher’s feed URL on follow.it (e.g. follow.it/techcrunch) into your RSS reader, and get the news delivered that way.